Discharged Chapter 7 and Used Car Loan...

Andy77 — Tue, 17 Mar 2009 15:59:54 GMT

My Chapter 7 BK was dischagred a few months ago. I want to buy a used car that is 40k and I will put down 25 to 30k as the down payment.

Does anyone think I will have a problem getting a loan with low scores like around 575/600, eventhough I am putting down such a large amount of money.

Also what lenders might you recommend?

I don't think Bank of America, Cap One HSBC, or one of my local CU will help me because they were all included in BK, just fyi...

Re: Discharged Chapter 7 and Used Car Loan...

Anonymous — Tue, 17 Mar 2009 22:32:26 GMT

Assuming the car you are purchasing has book value near the 40K you are willing to pay, you should not have much problem getting financed for such a small percentage.

"Should" being key word.

You are still very close to the discharge date.

Your interest rate will be extreme.

FYI:

In industry lingo, the banks that your obligations were discharged with you "took down."

You are essentially black listed for life from those institutions. Even if you are simply asked to co sign 25 years from now on a car for your daughter, your name/SSN will kill the deal..

topic Discharged Chapter 7 and Used Car Loan... in Auto Loans

Discharged Chapter 7 and Used Car Loan...

Re: Discharged Chapter 7 and Used Car Loan...